State Codes and Statutes

Statutes > North-carolina > Chapter_28A > GS_28A-27-5

§28A‑27‑5.  Exemptions, deductions, and credits.

(a)        Any interest forwhich a deduction or exemption is allowed under the federal revenue laws indetermining the value of the decedent's net taxable estate, such as propertypassing to or in trust for a surviving spouse and gifts or bequests forcharitable, public, or similar purposes, shall not be included in thecomputation provided for in G.S. 28A‑27‑2 to the extent of theallowable deduction or exemption. When such an interest is subject to a priorpresent interest which is not allowable as a deduction or exemption, suchpresent interest shall not be included in the computation provided for in thisArticle and no tax shall be apportioned to or paid from principal.

(b)        Any credit forproperty previously taxed and any credit for gift taxes or death taxes of aforeign country paid by the decedent or his estate shall inure to theproportionate benefit of all persons liable to apportionment; provided,however, that if the tax which gives rise to such a credit has in fact beenpaid by a person interested in the estate, the benefit of such credit shallinure to that person paying the tax.

(c)        Any credit forinheritance, succession, or estate taxes or taxes in the nature thereof inrespect to property or interests includible in the estate shall inure to thebenefit of the persons or interests chargeable with the payment thereof to theextent that, or in the proportion that, the credit reduces the tax.

(d)        To the extent thatproperty passing to or in trust for a surviving spouse or any charitable,public, or similar gift or bequest does not constitute an allowed deduction forpurposes of the tax solely by reason of an inheritance tax or other death taximposed upon and deductible from the property, the property shall not beincluded in the computation provided for in this Article, and to that extent noapportionment shall be made against the property. This section does not applyin any instance where the result will be to deprive the estate of a deductionotherwise allowable under Section 2053(d) of the Internal Revenue Code of 1954of the United States or corresponding provisions of any subsequent tax law,relating to deduction for State death taxes on transfers for public,charitable, or religious uses. (1985 (Reg. Sess., 1986), c.878, s. 1; 1987, c. 694, ss. 2, 3.)

State Codes and Statutes

Statutes > North-carolina > Chapter_28A > GS_28A-27-5

§28A‑27‑5.  Exemptions, deductions, and credits.

(a)        Any interest forwhich a deduction or exemption is allowed under the federal revenue laws indetermining the value of the decedent's net taxable estate, such as propertypassing to or in trust for a surviving spouse and gifts or bequests forcharitable, public, or similar purposes, shall not be included in thecomputation provided for in G.S. 28A‑27‑2 to the extent of theallowable deduction or exemption. When such an interest is subject to a priorpresent interest which is not allowable as a deduction or exemption, suchpresent interest shall not be included in the computation provided for in thisArticle and no tax shall be apportioned to or paid from principal.

(b)        Any credit forproperty previously taxed and any credit for gift taxes or death taxes of aforeign country paid by the decedent or his estate shall inure to theproportionate benefit of all persons liable to apportionment; provided,however, that if the tax which gives rise to such a credit has in fact beenpaid by a person interested in the estate, the benefit of such credit shallinure to that person paying the tax.

(c)        Any credit forinheritance, succession, or estate taxes or taxes in the nature thereof inrespect to property or interests includible in the estate shall inure to thebenefit of the persons or interests chargeable with the payment thereof to theextent that, or in the proportion that, the credit reduces the tax.

(d)        To the extent thatproperty passing to or in trust for a surviving spouse or any charitable,public, or similar gift or bequest does not constitute an allowed deduction forpurposes of the tax solely by reason of an inheritance tax or other death taximposed upon and deductible from the property, the property shall not beincluded in the computation provided for in this Article, and to that extent noapportionment shall be made against the property. This section does not applyin any instance where the result will be to deprive the estate of a deductionotherwise allowable under Section 2053(d) of the Internal Revenue Code of 1954of the United States or corresponding provisions of any subsequent tax law,relating to deduction for State death taxes on transfers for public,charitable, or religious uses. (1985 (Reg. Sess., 1986), c.878, s. 1; 1987, c. 694, ss. 2, 3.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_28A > GS_28A-27-5

§28A‑27‑5.  Exemptions, deductions, and credits.

(a)        Any interest forwhich a deduction or exemption is allowed under the federal revenue laws indetermining the value of the decedent's net taxable estate, such as propertypassing to or in trust for a surviving spouse and gifts or bequests forcharitable, public, or similar purposes, shall not be included in thecomputation provided for in G.S. 28A‑27‑2 to the extent of theallowable deduction or exemption. When such an interest is subject to a priorpresent interest which is not allowable as a deduction or exemption, suchpresent interest shall not be included in the computation provided for in thisArticle and no tax shall be apportioned to or paid from principal.

(b)        Any credit forproperty previously taxed and any credit for gift taxes or death taxes of aforeign country paid by the decedent or his estate shall inure to theproportionate benefit of all persons liable to apportionment; provided,however, that if the tax which gives rise to such a credit has in fact beenpaid by a person interested in the estate, the benefit of such credit shallinure to that person paying the tax.

(c)        Any credit forinheritance, succession, or estate taxes or taxes in the nature thereof inrespect to property or interests includible in the estate shall inure to thebenefit of the persons or interests chargeable with the payment thereof to theextent that, or in the proportion that, the credit reduces the tax.

(d)        To the extent thatproperty passing to or in trust for a surviving spouse or any charitable,public, or similar gift or bequest does not constitute an allowed deduction forpurposes of the tax solely by reason of an inheritance tax or other death taximposed upon and deductible from the property, the property shall not beincluded in the computation provided for in this Article, and to that extent noapportionment shall be made against the property. This section does not applyin any instance where the result will be to deprive the estate of a deductionotherwise allowable under Section 2053(d) of the Internal Revenue Code of 1954of the United States or corresponding provisions of any subsequent tax law,relating to deduction for State death taxes on transfers for public,charitable, or religious uses. (1985 (Reg. Sess., 1986), c.878, s. 1; 1987, c. 694, ss. 2, 3.)